Batelco, which has been presented with the Best Corporate Governance in Bahrain award by World Finance Magazine, is ready to embrace the Corporate Governance Code from the start of the next year, a top official at the company said.
Batelco Group Chief Executive Officer Peter Kaliaropoulos said that Batelco was proud to be selected from amongst the Kingdom’s many companies to win the coveted award.
“We are extremely honoured for Batelco and the Kingdom to receive such recognition based on a voting system from international finance industry experts. Winning the Best Corporate Governance award confirms Batelco’s high corporate governance standards and transparency.”
“In recent years, Batelco employees and management have significantly raised the bar by reviewing processes and implementing best practice Corporate Governance initiatives across all areas of the Company. We perceive sound corporate governance as being critical to a sustainable and innovative business culture in Batelco Group which contributes to our competitiveness in the market,” Kaliaropoulos said.
“World Finance Magazine is highly respected in business circles and we extend our thanks to its management team and its panels of voters who have selected us on this occasion,” he added.
“Batelco’s commitment to principle-based, value-driven corporate governance is reflected in its approach which embraces the governance principles led by the Bahrain Ministry of Industry and Commerce and developed by the Central Bank of Bahrain (CBB).”
“In line with the introduction of mandatory Corporate Governance Compliance in the Kingdom of Bahrain from January 1st 2012, Batelco is taking all necessary steps during 2011, to ensure that the Company remains fully complaint and meets all the applicable requirements of the new Corporate Governance Code,” he said.
The coveted award, he said, follows Batelco’s success in 2010 when amongst many varied awards the Company was voted as Bahrain’s Leading Quoted Company for Investor Relations (IR) at the Middle East Investor Relations (ME-IR) Awards ceremony held in Beirut, Lebanon.
“Winning such notable awards gives us the added motivation to remain abreast of developments in the area of Corporate Governance and to continue to evolve as one of the most reputable companies in the Middle East,” added Kaliaropoulos.